ANNE ARUNDEL COUNTY, Md. — If your business was hurt by the surging floodwaters in late October, you may be in luck.
Anne Arundel County has launched a initiative to help businesses recover. It's called the VOLT Disaster Recovery Relief Program and offers funds to businesses that experienced damage and/or a pause in operations caused by the storms and coastal flooding on Oct. 29 and 30.
The program begins accepting grant applications on Nov. 1. Businesses can apply for up to $50,000.
The program, managed by the Anne Arundel Economic Development Corporation, will prioritize businesses that suffered the most severe damage.
It will allow eligible businesses to use the grants for "any legitimate business expense including physical property repairs, replacement of equipment, loss of income from being closed, replacement of damaged inventory and working capital needed to get business operations up and running," according to the press release announcing the program.
“Our team’s goal is to get these businesses the critical funds that they need to both retain their employees and get back to business as quickly as possible,” said AAEDC CEO Ben Birge in the release.
Your business is eligible if it meets the U.S. Small Business Administration's categories of small business, is in good standing with the State of Maryland, and has a brick-and-mortar location in the state.
To apply, you'll need to submit:
- a VOLT application
- a copy of 2019 business tax returns or schedule C (form 1040)
- a statement listing all damages, including details of the loss of income
- a budget detailing the use of the grant money
- a completed W-9 form
You will also have to be available for a site visit so that they can review damages to your property or business.
The VOLT Disaster Recovery Relief Program is supported by $1,000,000 in funding from Maryland’s video lottery terminal loan program. A.A.E.D.C. manages the VOLT Fund on behalf of the Maryland Department of Commerce.
To access the application, visit the VOLT Disaster Recovery Relief Program page on the AAEDC website.